L and M are partners in a firm sharing profits and losses in the ratio of 7:3. They admitted N for 3/7th share which he takes 2/7th from L and 1/7 from M. What is the New profit sharing ratio?

29:11:30

The correct answer is option 3- 29:11:30.

As sacrifice share of old partners are given in the question itself, hence there is no need to calculated it.

Calculation of New profit sharing ratio-

New share = Old share - Sacrifice share

L’s new share = 7/10 – 2/7
                       = (49-20)/70
                       = 29/70

M’s new share = 3/10 – 1/7
                        = (21-10)/70
                        = 11/70

N’s new share = 2/7 + 1/7 = 3/7 (given)

New ratio among L, M and N = 29/70 : 11/70 : 3/7
                                              = 29/70 : 11/70 : 30/70
                                              = 29 : 11 : 30